On consummation of the transaction, post receipt of regulatory approvals, PRIL will have 51% equity interest in this joint venture, IIF 39% and SNC-Lavalin 10%
Ashok Piramal Group (APG), India Infrastructure Fund (IIF) and Canada’s SNC-Lavalin have entered into a tripartite arrangement to develop, own, construct and operate public-private partnership (PPP) road projects in India through a joint venture company, Piramal Roads Infra Pvt Ltd (PRIL).
PRIL is a group company of APG and IIF is managed by IDFC Project Equity, a subsidiary company of IDFC Ltd. PRIL was formed by APG as part of the group’s initiative to pursue opportunities in the infrastructure sector. It is currently developing a road project in Madhya Pradesh. On consummation of the transaction, post receipt of regulatory approvals, PRIL will have 51% equity interest in this joint venture, IIF 39% and SNC-Lavalin 10%.
It was on October 25, the Reserve Bank had deregulated the yield on savings accounts and let the banks to set the pricing
Saraswat Bank announced that it would offer 6% interest on savings deposits which will be payable every quarter and thus effectively paying 6.14% interest on an annual basis. "We have decided to offer 6% interest on savings deposits, effective December 1. In fact, since we will be making the payout every quarter, the effective rate will be 6.14% on an annual basis," bank chairman Ekanath thakur told reporters in Mumbai.
Giving the rationale for effecting the change, Mr Thakur said, "we feel that in today's banking, the depositor is short-changed. And we, being the largest in the segment, wanted to change that and reward our depositors and also set the tone for the rest." It was on October 25, the Reserve Bank had deregulated the yield on savings accounts and let the banks to set the pricing. However, so far only three mainstream banks, that too mid-size ones—Yes Bank, Kotak Bank and IndusInd Bank—have followed suit. Thakur said, on the day (November 25) the Reserve Bank issued the guidelines deregulating savings bank deposit rates, their asset liability committee met and decided to reprice the SB assets.
Though public sector dominates the market, improved channel penetration and innovation would help private insurers to gain a major chunk of the market share
According to the 'Non-Life Insurance in India, Key Trends and Opportunities to 2015' by Bricdata, “India's non-life insurance market will continue to flourish during 2011-2015. The competition is stiff in this arena as both private and public companies have markedly made their presence felt.”
Though public sector dominates the market, improved channel penetration and innovation would help private insurers to gain a major chunk of the market share. There are various opportunities in the non-life insurance market space, such as motor insurance, which can be tapped further as the automobile sector is growing speedily.
The proposal to increase the country's FDI limit to 49%, from 26%, will also create opportunities for innovation in terms of product offerings and distribution networks. So private non-life insurance companies should make most of this potential over the next five years.
The report adds, market continues to be dominated by public-sector insurers as all the private non-life insurers have not yet a substantial share in the total non-life insurance written premium. While public-sector insurers are expected to dominate the market over the forecast period, private non-life insurers are expected to steadily increase their market shares.
Despite the fact that the non-life insurance sector has been witnessing rapid growth during the 2006-2010 review period, it has not been able to penetrate into the rural areas where most of India's population lives, due to lack of awareness and absence of a strong distribution network.